The Senate Committee on Public Accounts has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has submitted responses to 19 audit queries relating to alleged unaccounted funds totaling N210 trillion in its books between 2017 and 2023.
Chairman of the Committee, Senator Aliyu Wadada (Nasarawa West), disclosed this on Tuesday while briefing journalists after plenary. He explained that the responses had been received but were yet to be scrutinized by the committee.
“While we were on recess, the management of NNPCL wrote to the committee requesting an extension of time to compile data and respond comprehensively to the questions we raised — and we granted that request.
“They have since responded, and we now have answers to all 19 questions. However, the report is yet to be presented before the committee. That is why, as chairman, I have refrained from making any public statement until it is properly laid before members,” Wadada said.
He assured Nigerians that the committee would do justice to the matter, stressing that the outcome of the review would be made public in due course.
Beyond the audit issues, Senator Wadada noted that other concerns around the NNPCL’s operations were also emerging. These include transparency in production sharing contracts (PSCs), particularly the cost implications to Nigeria and the distribution of proceeds among NNPCL, international oil companies (IOCs), and the federal government.
He also expressed concern over reports that NNPCL Retail had declared losses.
“We find it difficult to understand why NNPC Retail should record a loss, but we will seek clarification when the corporation appears before us,” he stated.
The senator reiterated that the committee would provide Nigerians with a detailed account once members had examined the corporation’s submissions.
“Out of those answers, the ones that make sense and those that do not will be evident to the public,” he added.
The Senate Committee had, on July 29, given NNPCL’s Group Chief Executive Officer, Engineer Bayo Ojulari, three weeks to respond to the audit queries covering seven years of the national oil company’s financial records.